AUS tonightMagnis Energy and the corporate regulator exchanged a...

AUS tonight
Magnis Energy and the corporate regulator exchanged a flurry of correspondence, accelerating towards the end of 2023, as the graphite and battery company faced a looming investigation over potential market misconduct. A document released under freedom of information has revealed Magnis was slapped with a notice by the Australian Securities and Investments Commission in July, as the regulator sparked a new investigation into the company amid parliamentary scrutiny. A log of correspondence between Magnis and ASIC shows the two sides traded messages on at least 59 occasions over a six- month period, as the regulator ratcheted up pressure. Magnis is facing an investigation by the corporate regulator over allegations it repeatedly breached market disclosure rules as well as publishing suspected false or misleading statements. Magnis denies this. ASIC freedom of information officer Krystal Fung said 13 of the 59 documents identified by the regulator “comprise information concerning the conduct of ASIC’s ongoing investigation”. READ MORE: Magnis accounts reveal debt danger | Magnis faces ASX anger over disclosure failures | Magnis given four week lifeline | Legal firm exploring class action against Magnis | Magnis offtake deals dead, iM3NY abandoned |“The release of this material, before ASIC has completed its investigation, would forewarn persons of steps ASIC will or is likely to take in pursuing this matter further, putting the investigation in jeopardy,” she said.“It is significant that the investigation is continuing. The risk of potential prejudice if disclosure is made while the investigation is ongoing is real.”The document shows Magnis and ASIC exchanged at least 179 pages of correspondence, between July and December last year, with records showing the corporate regulator was repeatedly contacted by lawyers for the graphite and energy player. The document released to The Australian shows Magnis was served notice by ASIC on July 17, warning it was facing a new investigation. It shows emails between Magnis and the ASIC market enforcement team ramped up in December, in the wake of moves by the Australian Securities Exchange to pull the company from trade over disclosure concerns. This came after it was revealed the lenders on Magnis’s flagship battery plant Imperium3 NY had stripped the company of control of the gigafactory. The records show Magnis and ASIC traded 16 notices and emails in December alone. The investigation into Magnis comes after ASIC dropped an earlier probe into its chair Frank Poullas, despite findings by the regulator it was “potentially arguable” it failed to inform the market about relevant changes in interests in the company. This was in addition to concerns from ASIC over “trading patterns” by key Magnis figures, with the regulator noting its investigations “did not support a circumstantial case of manipulative intent” amid “evidentiary challenges” and difficulties finding the “person of interest was responsible for entering the relevant orders into the market”.Records show K&L Gates, which acts for Magnis and Mr Poullas, sent emails directly to ASIC on at least 17 occasions. Ms Fung noted a third party objected to documents being released to The Australian, noting they told the regulator it would have a “detrimental effect” on their affairs and business. The investigation into Magnis comes as the company has also faced repeated warnings from the ASX over its market disclosures. The ASX’s compliance team smacked Magnis with an extraordinary notice in recent weeks, taking aim over its failure to reveal sensitive information. The market operator noted Magnis would remain suspended from trade over its failures to disclose crucial matters concerning its battery gigafactory Imperium3 NY, warning it had to “demonstrate … that it is willing and able to comply with these rules”.

I was off MNS threads for Lent but I’ll make a confession on the weekend.
Jeez Chew it looks like the Bad Dog and The Jew Bear are in Da Building!
Its going to hit the fan when the Cats paw joins them
sleep well